Skandi Fluminense, a 2007 Brazilian-built anchor handling tug supply (AHTS) vessel with 211t bollard pull, and Skandi Lifter, a foreign-flagged 250t AHTS built in 2009 have each been contracted...
DOF Group ASA (“DOF”) is pleased to announce two new contracts in Brazil.
Skandi Fluminense, a 2007 Brazilian-built anchor handling tug supply (AHTS) vessel with 211t bollard pull, and Skandi Lifter, a foreign-flagged 250t AHTS built in 2009 have each been contracted on 4-year contracts with Petrobras, following the same competitive AHTS tender process that resulted the contracts of Skandi Logger, Skandi Iguaçu, Skandi Angra, Skandi Paraty and Skandi Urca, previously announced. Skandi Fluminense is expected to commence in January 2026 and Skandi Lifter in February 2026. Skandi Lifter will be reflagged to Brazilian flag prior to contract commencement.
AHTS vessels are specialized vessels mainly used in the offshore energy industry. Their primary functions include anchor handling, platform towing, logistical support, and emergency response.
The two contracts have a combined value of more than USD 220 million.
Contact information:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
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The Group’s operating income for the 1st quarter (management reporting) was NOK 1 329 million (NOK 1 103 million in Q1 2019) and the operating profit before depreciation and impairment (EBITDA) was NOK 491 million (NOK 365 million). The average utilisation of the Group's fleet during the 1st quarter was 76%; 73% for the Subsea/IMR Project fleet and 82% for Long-term Chartering fleet. At the end of the 1st quarter DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea – Tel: +47 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com"
DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have entered into suspension agreements ("stand-still agreements") with are suspended until 30 June 2020 on certain customary terms and conditions. Such terms and conditions include customary restrictions on the Group in the relevant period. The agreements are entered into in order to facilitate the continued dialogue with the secured lenders and bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The suspension agreements comprise all companies within the Group except for Norskan AS and DOF Subsea Brasil Servicos Ltda. (the ""Excluded Entities""). The secured debt of Norskan Offshore Ltda. is subject to a separate negotiation. As regards certain secured lenders (other than the secured lenders of the Excluded Entities) who have not entered into the suspension agreements or provided a similar concession DOF ASA and DOF Subsea AS have decided to impose a unilateral stand still on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. Although no assurance can be given to this effect DOF ASA and DOF Subsea AS have not received any indications that the secured lenders in question will invoke the event of default-provisions in the relevant loan agreements as a result of such decision. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea Jan Nore tel. +47 48 09 46 99 ABOUT DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act."
DOF Subsea has received a notice of early termination of a two-year charter contract for the vessel Skandi Acergy please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea. Tel: +47 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
Please find enclosed the DOF Subsea Annual Report for 2019. For further information DOF Subsea – Tel: +47 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
Helge Møgster has announced that he will be resigning from the Board of Directors in DOF ASA following the upcoming ordinary General Meeting and will focus his efforts on his ownership role. For further information please contact: Mons S. Aase CEO DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea – Tel: +47 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
The Board of Directors has today approved the Annual Report 2019. Compared to 4th quarter financial report published on 21st of February SVP Finance DOF Subsea – Tel: +47 99 30 69 16 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company’s core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com
Helge Møgster går ut av styret i DOF ASA etter den forestående ordinære generalforsamlingen CEO DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea – Tel: +47 99 30 69 16
Result from bondholders' meetings: Reference is made to the summons to bondholders' meetings in DOFSUB07 (ISIN NO 001 0670144) and DOFSUB09 respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds and the proposal was consequently approved and this pre-condition for a continued constructive dialogue between the DOF Group and its secured lenders and bondholders is then satisfied. Please see the attached minutes from bondholders' meetings. Update on tender activities: There has been a sharp decline in the tender activities with few new contract opportunities and less projects to bid for. Due to the sharp decline in the oil price the oil companies have reduced their exploration activity substantially and some have also started to reduce existing production. It must be expected that the Group will continue to experience adverse consequences of the sharp decline in the oil price and the responses of the oil companies to such decline. Several of the Group's vessels will finish their firm contract periods during 2020 and if the challenging market continues most of these vessels could move into lay-up. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Jan Nore tel. +47 48 09 46 99 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company's core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Reference is made to the summons to bondholders' meetings in DOFSUB07 (ISIN NO 001 0670144) inter alia a waiver from and suspension of all payment obligations. The bondholders' meetings have been scheduled for 22 April 2020 at 13.00 hours (Oslo time). Following discussions between the Company and groups of bondholders in each of the bond issues and their respective advisors the Company wishes to make certain amendments to the summons as set out in the attached addendum. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Jan Nore tel. +47 48 09 46 99 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company's core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act."